March 2024 Retirement Board Meeting

This meeting of the Town of Plymouth Retirement Board will be held in person.

Section I: Regular Business:

Minutes:

Minutes of February 23, 2024                                     Regular Session

Minutes of February 23, 2024                                    Executive Session

Minutes of February 23, 2024                                    COLA Vote   

Warrants:

Warrant #12 Dated December 31, 2023                     $  3,213,955.85 Final 

Warrant #1 Dated January 31, 2024                           $  3,183,139.50 Final

Warrant #2 Dated February 29, 2024                         $  4,965,789.81 Partial       

Warrant # 3 Dated March 31, 2024                            $   2,686,229.75 Partial

Warrant #4 Dated April 1, 2024:                                $          6,955.59 Partial   

Trial Balance as of January 2024:                              $252,383,388.60                                                                    

January 2024 Accounting & Banking Reports Presented to Board for Review:

Rockland Trust Checking & Money Market Acct Statements

Rockland Trust Checking & Money Market Acct Treasurer’s Reconciliations

Trial Balance

Cash Receipts

Cash Disbursements

Adjustments

Public Comment:

New/Old Business:

PERAC Memos:

Memo #10/2024:         Tobacco Company List

Investments:

Portfolio Update and Review

Annual Statement:

Draft 2024 PERAC Annual Statement for review and vote

Office Lease:

Board to review and vote new office lease for period of March 1, 2024 through February 28, 2029.

Section II: Membership:

PERAC Modification of Retirement Allowance

Pursuant to MGL, Chapter 32, Sec 8(3), Kenneth Rood’s monthly allowance has been suspended, as he has exceeded his allowable earnings for 3 consecutive years. Mr. Rood will begin paying the Plymouth Human Resource Office directly for his insurance premiums until he his retirement allowance is re-instated. 

New Hires:

Town:

9%       Hazard, Tyler, Group 1, Election Coordinator

            Perm. Full-time: $1,157.62 weekly

            Start Date: February 26, 2024

School:

9%       Eno, Brett, Group 1, Groundskeeper Floater

            Perm. Full-time: $1,921.60 bi-weekly

            Start Date: March 4, 2024

9%       Muscato, Michelle, Group 1, Bus Driver

            Perm. Full-time (25 hrs per week): $1,227.27 bi-weekly

            Start Date: March 11, 2024

9%       Perry, Patricia, Group 1, Bus Driver

            Perm. Full-time (20 hrs per week): $981.82 bi-weekly

            Start Date: March 11, 2024

Buybacks:

School:

Trail, Gail, Group 1, Paraeducator, has requested to purchase seven (7) months of creditable service for the period that she was inadvertently removed from the pension system by the School Payroll department. The total buyback for this service is $828.86.

Refunds:

Town:

Rodrigues, Daniel, Group 1, Laborer-Cemetery

Seven (7) Months Creditable Service (7/10/2023-2/16/2024)

Total Refund Including FWT: $2,957.31

School:

Kolb, Cheryl, Group 1, Paraeducator

Nine (9) Years, Two (2) Months Creditable Service (1/3/2005-3/27/2014)

Total Refund Including FWT: $9,608.36

Wallace, Catherine, Group 1, Paraeducator

Refund of Required Minimum Distribution

Total Refund Including FWT: $350.00

Rollovers:

School:

Wallace, Catherine, Group 1, Paraeducator

Twelve (12) Years, Six (6) Months Creditable Service (10/1/2001-6/20/2014)

Total Rollover: $8,102.60

Transfers:

School:

Brault, Danielle, Group 1, Paraeducator

Eleven (11) Months Creditable Service (9/23/2019-8/20/2020)

Total Transfer to MTRS: $3,384.36

Executive Session:

Pursuant to MGL Chapter 30A, Section 21 (a)(3), the Board will enter into Executive Session to discuss ongoing litigation.